It's pretty rich to hear a guy like Musk who is into crypto call Social Security, which has been in place for almost 90 years, a "Ponzi scheme." If rich people just paid the same percentage of their income in Social Security taxes the rest of us do, SSA would be solvent for generations to come.
Reposted from
James Medlock
Elon Musk just called Social Security a Ponzi scheme, so it’s worth reiterating: All functional retirement schemes, public or private, pre funded or pay as you go, are claims on future production - there's just no way, at scale, of storing current production for use during retirement
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https://blog.ssa.gov/wp-content/uploads/2017/03/fixa.png
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The 90 year SS dynamic is nothing like a pyramid scheme which usually last only a single business cycle often less than 5 years. Ponzi's own scheme lasted only 9 months.
https://pmc.ncbi.nlm.nih.gov/articles/PMC2687779/
https://ag.ny.gov/pyramid-schemes
general revenue?
They want to turn it into a ponzi scheme and hand it over to savvy investors like Bernie Madoff.
you’re very nice to actually tell me more, but i was making fun of your implication that changing the law is the solution and not the problem.